7 January 2019

World Bank President Jim Yong Kim steps down with 3-years left in his term

Current World Bank President Jim Yong Kim has announced he will step down next month with more than three years remaining in his term still to expire
The decision ends Kim’s six-year tenure now means US President Donald Trump will now be responsible to appointing the next person to replace Kim

“It has been a great honor to serve as president of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime,” Kim, 59, said in a statement.

Kim, who became the bank’s president in 2012, is to join an unnamed firm focusing on investments in developing countries, the bank said in a statement, and will return to the board of Partners-in-Health, which he co-founded. World Bank CEO Kristalina Georgieva will serve as interim president upon Kim’s February 1 departure, the bank said in a statement.

Under Kim’s leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing. Last year, it also won approval for a sharp $13 billion capital increase after acceding to requests from the Trump administration to curb loans to high-income countries like China

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